Yuan devaluation triggers EM selloff... China just moved US bond yields without a word.

The recent spike in 10-year Treasury yield coincided with China fixing the Yuan weaker. That's no coincidence. The falling Yuan had contagion effects to all of EM, causing EM reserve managers to sell Treasuries. This shows how much power China has over US markets … and policy. pic.twitter.com/gCO47YV0r4

— Robin Brooks (@robin_j_brooks) April 24, 2025

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